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Specialist Tax Advisory

Navigating the complexities of Australian Tax legislation can be challenging as it continues to evolve. At Prism Accounting, we are dedicated to staying up-to-date with these changes to offer you qualified and knowledgeable advice.

Our specialist tax advisory services cater to the unique needs of medical and dental professionals and their practices. Our expertise encompasses the following areas:

Tax Planning for Medical and Dental Professionals

Income tax is one of the largest expenses of high income earnings medical professionals. Strategic tax planning allows you to make informed decisions to reduce your tax burden, retain more of your income, and work towards a financially secure future.

We provide strategic tax planning advice tailored to the specific needs of medical and dental practitioners to optimise tax outcomes. By analysing your situation, our advisers identify opportunities to legally minimise your tax liabilities while maximising after-tax income and growing your wealth. Whether you are a sole practitioner or part of a larger practice group, our tailored tax planning advice help you achieve financial success.

We stay ahead of changes in tax legislation and apply our extensive knowledge to provide you with relevant and practical tax-saving strategies. Our proactive approach ensures that your tax plan remains effective and compliant as your circumstances change.

Tax Effective Structuring for Medical Practices and Groups

Having an appropriate business structure is vital for medical practices and groups. The chosen business structure significantly influences tax efficiency, growth opportunities, profit allocation, asset protection, and financial risk management. Seeking specialist tax advisory from an experienced accountant with a deep understanding of the medical industry is essential.

By tailoring the practice structure to their specific circumstances, medical professionals can maximise tax benefits, ensure compliance, and achieve long-term financial success and growth. With expert guidance, medical practices can navigate complex tax regulations and make informed decisions about their financial future.

Our focus on tax-effective structuring not only optimises your current tax position but also prepares your practice for future changes to achieve your long-term goals. With our guidance, you can confidently navigate the complexities of structuring and compliance in the healthcare industry.

Service Entity Arrangements

Service entity arrangements can be advantageous for medical professionals running their own private practice. Our tax specialists can assess the suitability of service entities for your practice, calculate appropriate levels of service fees, and guide you through the setup and ongoing management of these arrangements ensuring tax compliance with relevant regulations.

By optimising the use of service entities, you can access tax efficiencies and enhance the overall financial performance of your medical practice.

Tax Due Diligence on Practice Acquisitions

When acquiring a medical practice, it is essential to conduct thorough tax due diligence. Our experienced team conducts comprehensive assessments of the target practice’s tax compliance and obligations. By identifying potential tax risks and liabilities, we provide you with a clear understanding of the financial implications of the acquisition.

We work closely with you to address any identified tax issues, ensuring that the acquisition process proceeds smoothly and with full awareness of tax-related responsibilities. Our attention to detail in tax due diligence empowers you to make informed decisions and negotiate favorable terms for the acquisition.

Comprehensive Tax Compliance Review for Medical Practices and Groups

Tax compliance is a critical aspect of any medical practice’s financial health. Our team conducts comprehensive tax compliance reviews to ensure your practice meets all tax-related obligations and stays compliant with the ever-changing tax regulations.

Through our meticulous review process, we identify any potential areas of concern and provide actionable recommendations to address them. Staying compliant not only minimises the risk of ATO audit activities and penalties, which can be extremely costly, but also fosters a strong reputation within the healthcare community.

Business Restructuring and Rollovers

Business restructuring of medical practices can present significant opportunities for tax efficiency and strategic growth. Our tax experts offer specialist tax advice on structuring your medical practice to align with your short and long-term objectives. Whether you are considering admitting new equity partners, forming a group, selling your practice, or change the ownership structure, we guide you through the complexities of business restructuring and provide specialist tax advisory on available restructure and rollover concessions to ensure the most tax-effective outcome.

By optimising the tax implications of your business restructuring, you can make confident decisions that can promote sustainable growth or facilitate effective exit strategy. Our support ensures a smooth transition during any restructuring process, minimising disruptions to your practice’s operations.

Small Business Concessions

Navigating small business concessions can be complex. Our team ensures that eligible medical practices and groups make the most of these concessions to minimise tax burdens and streamline tax compliance.

Our specialists help you navigate the complex eligibility criteria and claim the concessions that apply to your practice. From capital gains tax concessions to income tax offsets, we ensure you make the most of available opportunities.

By leveraging small business concessions, you can improve your cash flow and invest more in your practice’s growth and development. Our proactive approach ensures that you remain informed about any changes to small business concessions and continuously reap their advantages.

Capital Gain Tax Concessions

We provide specialist tax advisory on capital gains tax concessions, enabling clients to optimise their tax position when disposing of their business or investment assets.

Capital gains tax can significantly impact the financial outcomes of property and asset sales. Our team provides expert guidance on capital gains tax concessions available to medical professionals, including the Small Business CGT Concessions. We carefully analyse your unique circumstances to assess your eligibility and provide tailored strategies to minimise the capital gains tax on your disposals.

With our assistance, you can confidently make decisions regarding business or asset disposals, knowing you have optimised your tax position and preserved more of your hard-earned profits.

Taxation of Real Property Investment and Transactions

Real property investments and transactions involve complex tax considerations. Our tax advisory services include expert advice on the tax implications of real property investments, leasing arrangements, and sales. Whether you are acquiring or disposing of commercial premises or considering property development ventures as part of your secondary source of income, we ensure you have a clear understanding of the tax implications and make informed decisions accordingly.

Our attention to detail in property-related tax matters safeguards you from unexpected tax liabilities and ensures your property transactions align with your overall financial objectives.

At Prism Accounting, we adopt a proactive approach to servicing our clients. By analyzing your situation holistically, we closely collaborate with you to understand your specific needs, address potential issues, and recommend the most advantageous course of action.

Our goal is to provide you with comprehensive specialist tax advisory services that empower you to make informed financial decisions and achieve your business objectives. As trusted advisors, we are committed to delivering personalised, results-driven solutions that align with your unique circumstances and aspirations.

By staying at the forefront of tax legislation and industry changes, we help you navigate the complex landscape of taxation, ensuring your financial success and peace of mind.

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If you need tax advice for your specific situation, please send us an enquiry providing your information. One of our team members will get back to you as soon as possible.